The following table summarizes cash equivalents and marketable securities held at June 30, 2026 and December 31, 2025 (in thousands), which are recorded at fair value. The table below excludes $260.7 million and $295.4 million of cash at June 30, 2026 and December 31, 2025, respectively.


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
June 30, 2026
Cash equivalents:
Money market funds	$	30,639	$	—	$	—		$	30,639
Total cash equivalents		30,639		—		—			30,639
Marketable securities:
Corporate debt securities		1,374,062		579		(3,367	)		1,371,274
Certificates and term deposits		322,376		—		—			322,376
Government-sponsored enterprise securities		302,462		4		(1,893	)		300,573
Commercial paper		68,390		—		(34	)		68,356
Total marketable debt securities		2,067,290		583		(5,294	)		2,062,579
Corporate equity securities		7,500		2,936		—			10,436
Total marketable securities		2,074,790		3,519		(5,294	)		2,073,015
Total cash equivalents and marketable securities	$	2,105,429	$	3,519	$	(5,294	)	$	2,103,654
December 31, 2025
Cash equivalents:
Money market funds	$	37,255	$	—	$	—		$	37,255
Commercial paper		14,896		—		(4	)		14,892
Total cash equivalents		52,151		—		(4	)		52,147
Marketable securities:
Corporate debt securities		1,152,319		3,827		(181	)		1,155,965
Certificates of deposit		101,100		—		—			101,100
Government-sponsored enterprise securities		304,259		1,054		(15	)		305,298
Commercial paper		49,432		28		—			49,460
Total marketable debt securities		1,607,110		4,909		(196	)		1,611,823
Corporate equity securities		7,500		8,946		—			16,446
Total marketable securities		1,614,610		13,855		(196	)		1,628,269
Total cash equivalents and marketable securities	$	1,666,761	$	13,855	$	(200	)	$	1,680,416

Unrealized gains and losses on the Company’s marketable debt securities are included in comprehensive loss in the condensed consolidated statements of operations and comprehensive loss. Unrealized gains and losses due to the change in fair value of the Company’s marketable equity securities are included in other income (expense), net, in the condensed consolidated statements of operations and comprehensive loss.

There were no marketable debt securities in an unrealized loss position for more than twelve months with maturities beyond one year as of June 30, 2026 and December 31, 2025.

The Company determined that there is no material credit risk associated with the above investments as of June 30, 2026. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did not record any charges for credit-related impairments for its marketable securities for the three and six months ended June 30, 2026 and 2025. No available-for-sale debt securities held as of June 30, 2026 had remaining maturities greater than thirty months.

The Company holds investments in privately-held companies in the form of equity securities without readily determinable fair values and in which the Company does not have a controlling interest or significant influence. These investments had a carrying value of $35.9 million and $22.6 million as of June 30, 2026 and December 31, 2025, respectively, and are classified within other non-current assets on the condensed consolidated balance sheets. There were no upward or downward adjustments for observable price changes or impairment charges recorded for the three and six months ended June 30, 2026 and 2025 related to these equity securities.